The Competition Commission of India (CCI) on Tuesday approved three acquisitions, namely the acquisition of a 1.74 per cent stake in Lenskart Solutions Private Limited by Kedaara Capital Fund III LLP. The competition authority has also approved Zonnebars’ acquisition of a majority stake in Indira IVF, the country’s largest fertility clinic.
According to an official statement, the acquisition by Kedaara Capital will be on a fully diluted basis. Kedaara Capital Fund is a private equity fund registered with SEBI (Securities and Exchange Board of India). Lenskart is engaged in manufacturing and trading of eyewear products including eyeglasses, sunglasses and eyewear accessories.
The regulator also approved Zonnebaars’ acquisition of a majority stake in Indira IVF and the merger of Spaceway Wellness with Indira IVF. According to the regulator, Zonnebaars is part of the EQT investment fund group, which, together with its subsidiaries and funds, constitutes a global investment organization. This comes months after private equity firm BPEA EQT acquired a 60 percent stake in Indira IVF, the country’s largest fertility clinic, from TA partners and backers in July, valuing it at around $1.1 billion has. BPEA EQT paid over $600 million as part of the deal. Post the transaction, the promoters will hold a minority stake in the company.
Founded in 1988 by Ajay Murdia, Kshitiz Murdia and Nitin Murdia, Indira IVF is primarily engaged in providing fertility and in vitro fertilization treatments at its hospitals/centers across India. Spaceway is one of the sponsors of Indira IVF.
Meanwhile, the Competition Authority has also approved the proposed acquisition of 100% stake in Lanco Amarkantaka Power Limited by PFC Projects Limited (PPL), REC Limited, SJVN Limited and Damodar Valley Corporation.
PPL is a wholly owned subsidiary of state-owned Power Finance Corporation Limited (PFC). PPL was established, among other things, to carry out the business of electricity generation and distribution.
REC is a subsidiary of PFC. Currently, it is a non-banking financial company classified as an infrastructure financing company by the Reserve Bank of India.
SJVN is a listed company owned by the Government of Himachal Pradesh and public shareholders. SJVN is currently implementing and operating projects in the states of Himachal Pradesh, Uttarakhand, Bihar, Maharashtra and Uttar Pradesh, among others.
DVC is a statutory body incorporated under the Damodar Valley Corporation Act, 1948. The company is active in, among other things, power generation, transmission and water management in India.
LAPL is an unlisted public company engaged in power generation in India.
Last month, the regulator also approved the merger of Tata SIA Airlines Limited, which operates Vistara, with Air India, subject to certain conditions. The development paves the way for Tata Group to consolidate all airlines under one roof.
